The model of microalgae-based wastewater remediation for nutrient recovery and biomass production has been intensively studied, but high cost of biomass harvesting jeopardizes the industrial application of this model. To support the implementation of this model and the sustainable development, this work introduces the use of filamentous fungi in microalgae-based wastewater remediation for biomass harvesting and utilization. First, this work describes the research progresses of co-cultivation of fungi and microalgae and fungi-assisted algae harvesting. Second, mechanisms and key parameters of fungi-assisted microalgae harvesting are discussed. Third, an in-depth discussion of co-cultivating filamentous fungi and microalgae in wastewater for nutrient removal and biomass collection is provided. Fourth, this work introduces some high-value components, which are of importance to the economic benefits and industrial application of harvested algal-fungal biomass, in microalgae and filamentous fungi. By the end of this paper, some problems associated with the co-cultivation of algal-fungal consortia in wastewater and fungi-assisted microalgae harvesting are listed and potential solutions to these problems are proposed. It is expected that this work can help readers understand the achievements in the research of fungi-assisted microalgae and the importance of this novel model to biomass harvesting and utilization.